By Stephanie N. Rotondo
Phoenix, Feb. 10 - Diana Shipping Inc. priced $60 million of 8.875% series B cumulative redeemable perpetual preferred shares at par of $25.00 on Monday, according to a market source.
Morgan Stanley & Co. LLC, UBS Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.
Dividends will be payable quarterly on the 15th day of January, April, July and October, beginning April 15. The preferreds become callable on or after Feb. 15, 2019 at par plus accrued dividends.
Proceeds will be used for general partnership purposes, which may include paying down debt or for acquiring new vessels.
Diana Shipping is an Athens, Greece-based provider of shipping transportation via dry bulk vessels.
| Issuer: | Diana Shipping Inc.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $60 million, or 2.4 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC, Deutsche Bank Securities Inc.
|
| Co-managers: | BB&T Capital Markets, Raymond James & Associates Inc.
|
| Dividend: | 8.875%
|
| Price: | Par of $25.00
|
| Yield: | 8.875%
|
| Talk: | 8.875% to 9%
|
| Call option: | On or after Feb. 15, 2019 at par plus accrued dividends
|
| Pricing date: | Feb. 10
|
| Expected listing: | YSE: DSXPB
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